The United States, Mexico and Canada have finally signed a deal on Tuesday, with the aim of finalizing a new trade agreement, which is not set to create a route for ratification following around 2 years of tough negotiations.
On the other hand, according to Mitch McConnell, the Senate Majority Leader, the ongoing trial to impeach President Donald Trump at the United States Senate, is expected to delay the ratification of the deal by the Congress, which is expected to move into 2020.
This is now the second time the three North American nations have announced the finalization of the United States – Mexico – Canada Agreement, which has been designed to replace the NAFTA deal which has been in effect for the past 25 years. President Trump has criticized NAFTA as a disastrous deal for the country.
The USMCA was first signed in the month of November in 2018. However, the deal was brought to a standstill owing to political complications in the United States, where the Democratic party in the opposition had questioned, whether Mexico would actually act on labor reforms, which are intended to level the competition between workers of both countries.
Mexican President Hailed Deal
Following the initial delay, another year of negotiations took place which added to the original deal, winning the approval of the Democrats and the AFL-CIO, the largest US labor federation. Andres Manuel Lopez Obrador, the President of Mexico headed the signing ceremony, and spoke about the deal saying: “it will benefit both Mexican and American workers. Some people thought it was impossible to reach this deal. Some people thought we wouldn’t be able to agree on anything (with Trump). But look what we’ve done.”
The latest deal is now on its way to be ratified in the legislatures of all three countries, following which it will replace the 1994 NAFTA, which had rid the region of almost all tariffs, while bringing together the economies of the three nations, while also turning Mexico into a major global power in terms of exports, with USD 12. Trillion in trade for 2018.
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